Answer:
$18,781.5
Step-by-step explanation:
According to the problem, calculation of the given data are as follows,
Loan amount (P) = $15,000
Rate of interest (r) = 23%
Time (t) = 5 years
Let this loan is compounding annually, then the amount after 5 years can be calculated as follows,
Final amount = P [tex](1 + ( r/t))^{t}[/tex]
by putting the value in formula, we get
= $15,000 ( [tex](1 + ( 0.23/5))^{5}[/tex]
= $15,000 × 1.2521
= $18,781.5
